A marine fuel management system assists in monitoring and reporting the amount of fuel used by a ship/boat. The system extensively helps in reducing fuel usage and increasing efficiency of the ship. Fuel management system is extremely important on a ship, especially in the times of increasing
marine fuel oil costs. With the increasing costs of marine fuel, it has become an imperative device on the ship. The main goal of the system is to reduce the amount of fuel usage of the ship by improving the operational efficiency of the fuel oil system.
The global marine fuel management market is segmented on the basis of service, application and geography. By service, the market is segmented into measuring, monitoring and reporting. By application, the market is categorized as fuel consumption, efficiency level, and fleet management. Geographically, the market is segmented into United States, Europe, Japan, China, India and Southeast Asia.
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The marine fuel management systems assist significantly in calculating the exact amount of fuel oil burnt at any particular vessel speed or engine rpm. Hence, their usage in ships and marine vessels has increased substantially, which, as a result, is reflecting positively in the growth of this market. In addition to this the rising number of stringent government regulations intended to curb pollution at sea is also impacting this market greatly. However, the current decline in the oil prices and the subsequent slowdown in the oil and gas industry might act as a restraining factor for the market growth.
The U.S. is the second largest revenue-generating region in the global marine fuel management market and accounted for around 22% share of the total market in 2015. Fleet management and fuel consumption, together accounted for about 78% of the total market in 2015, with the former constituting around 60%. The fleet management application area is expected to grow at a faster rate of 5.2% during the forecast period. The market is driven by factors such as increasing government regulations with respect to air emissions & other discharges, and innovation in fuel management technology.
EU accounted for around 16% share of the total market in 2015. Fleet management and fuel consumption, together accounted for about 76.9% of the total market in 2015, with the former constituting around 59%. The fleet management application area is expected to grow at a faster rate of 5.2% during the forecast period. The market is driven by factors such as increasing government regulations towards environmental sustainability. The EU has adopted several legislative measures to implement the International Convention for the Prevention of Marine Pollution from Ships (MARPOL convention) and ensure strict enforcement of the measures to reduce the pollution from ships.
Marine fuel costs represent a major portion (60–70%) of a ship’s operating cost. With increasing oil prices and conservation efforts, careful fuel management and increased engine efficiency have become vital for environmental and financial reasons. A fuel management system not only provides the amount of fuel used but also gives additional data related to fuel usage. Measuring provides various parameters such as the amount of fuel used while traveling at sea or at port, amount of fuel used by a specific engine or generator, comparing fuel usage between voyages, and the amount of fuel used by a particular crew. Many new technologies such as Coriolis flow meters are now being adopted by many bunker suppliers and port authorities for fuel oil measurement while fueling the ship. Devices such as flow meters accurately measures mass flow and density in fuels, lubrication oil and gases. The flow meters are virtually maintenance-free, robust and compact making them ideal for marine and offshore applications such as bunker transfer monitoring. Various new technologies such as Coriolis flow meters are now being adopted by many bunker suppliers and port authorities for fuel oil measurement while fueling the ship. The global market for measurement systems is expected to reach $2,249 mn by 2022 growing with a CAGR of 4.3% during the forecast period.
MARINE FUEL MANAGEMENT MARKET SEGMENTATION
KEY MARKET PLAYERS
KRILL SYSTEMS, INC.
NAUTICAL CONTROL SOLUTIONS LP
BANLAW SYSTEMS LTD.